India Daily Briefing

SBI Funds Management's ₹9,813 crore IPO attracted ₹2.98 lakh crore in total bid value at 42x overall subscription, with QIB book leading at 55x+. The scale of the application pool — the largest for any IPO this year — signals that retail and institutional domestic demand for financial sector public offerings remains structurally strong despite current FII selling pressure in secondary markets. GMP data suggests a healthy listing premium.

Jio Financial Services delivered Q1 earnings with net profit jumping 156% year-on-year to ₹830 crore on revenue exceeding ₹2,000 crore — a strong beat that validates the Mukesh Ambani-backed NBFC's early traction in insurance, asset management, and lending. The quarterly run-rate, if sustained, implies full-year EPS well ahead of Street estimates set before the quarter. Watch whether the stock reclaims its recent underperformance vs Nifty Financials on this beat.

Standard Chartered Bank withdrew its August rate hike forecast for the RBI, joining a growing institutional consensus that the Monetary Policy Committee stays on hold through FY27. Softer food and core inflation data removed the last analytical justification for near-term tightening. A prolonged hold is unambiguously bullish for rate-sensitive sectors — Bank Nifty's weakness today looks like profit-taking rather than macro repricing given the rates backdrop.